Joe is spinning a wheel with 4 unequal spaces marked with values of $200, $300, $400, and $600. The probability of landing on $200 is 2/9. The probability of landing on $300 is 4/9. The probability of landing on $400 is 2/9. The probability of landing on $600 is 1/9.
The expected value of spinning the wheel once is $__, and the expected value of spinning the wheel three times is $__.

Question

Joe is spinning a wheel with 4 unequal spaces marked with values of $200, $300, $400, and $600. The probability of landing on $200 is 2/9. The probability of landing on $300 is 4/9. The probability of landing on $400 is 2/9. The probability of landing on $600 is 1/9.
The expected value of spinning the wheel once is $__, and the expected value of spinning the wheel three times is $__.

jtvatsim · Answer

The idea of expected value is to find the "average" value that you'll earn each spin. This is done using the following formula:

Expected Value = (chance of outcome #1)*(value of outcome #1) + (chance of outcome #2)*(value of outcome #2) + ... and so on.

jtvatsim · Answer

So, in our case:
outcome 1 = $200
outcome 2 = $300
outcome 3 = $400
outcome 4 = $600

anonymous · Answer

would i multiply by three after doing that to find the 2nd expected value?

jtvatsim · Answer

That would make the most sense to me. I'll double check online. :)

anonymous · Answer

ok thanks

jtvatsim · Answer

Yes, that is how you would do it. The expected value is "linear" (which basically means you can multiple answers like you would do naturally).

anonymous · Answer

Thank you!!!

jtvatsim · Answer

Your welcome!